Washington -LRB- CNN -RRB- -- The House of Representatives voted Tuesday night to approve a Senate bill to avert a feared fiscal cliff .

The measure that sought to maintain tax cuts for most Americans but increase rates on the wealthy passed the Democratic-led Senate overwhelmingly early in the day .

There was discussion about amending the Senate bill by adding spending cuts , but in the end , House lawmakers voted on the bill as written -- a so-called up or down vote .

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The legislation would raise roughly $ 600 billion in new revenues over 10 years , according to various estimates .

`` I 'd say let 's take the Senate deal , fight another day , '' Rep. Tom Cole , R-Oklahoma , told CNN before the House vote . He predicted the House would pass the bill with a `` pretty strong bipartisan majority . ''

`` I 'm a very reluctant yes , '' said Rep. Nan Hayworth , an outgoing Republican representative from New York .

`` This is the best we can do given the Senate and the White House sentiment at this point in time , and it is at least a partial victory for the American people , '' she said . `` I 'll take that at this point . ''

The timing of the vote was crucial , as a new Congress is set to be sworn in Thursday .

The legislation averted much of the fiscal cliff 's negative near-term economic impact by extending the Bush-era tax cuts for the majority of Americans . It also extends long-term unemployment benefits that were set to expire .

Had the House not acted , and the tax cuts enacted last decade expired fully , broad tax increases would have kicked in , as would $ 110 billion in automatic cuts to domestic and military spending .

Read more : 5 things to know about the fiscal cliff

Dana Ford and Josh Levs reported from Atlanta ; Dana Bash reported from Washington . CNN 's Ed Payne , Matt Smith , Mike Pearson , Jessica Yellin , Deirdre Walsh , Lisa Desjardins , Ted Barrett and Ashley Killough contributed to this report .

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NEW : House approves the deal late Tuesday night

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The vote was an up-or-down vote on the Senate compromise

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Lawmakers were under a tight deadline ; A new Congress is set to be sworn in Thursday